Gulf Technical Construction Company (GTCC), a subsidiary of engineering and construction services company Drake & Scull International (DSI), is negotiating contracts worth AED1bn ($272.26m) with Wahat Al Zaweya in Al Ain.
The general contracting subsidiary of DSI has been awarded an AED250m ($68.07m) contract to develop the Nasayem project in Wahat Al Zaweya.
Under the terms of the contract, GTCC has already begun construction works for the 336-unit villa complex, Nasayem project, which will consist of 290 three-bedroom villas and 46 four-bedroom villas.
Now that the contract for Nasayem project in Wahat Al Zaweya has been secured and finalised, final negotiations are underway for additional contracts worth AED750m ($204.19m) and are expected to be concluded in the first half of 2018.
The company completed a capital restructuring programme in October to improve its financial position and enhance operational efficiency.
As part of the structural restructuring, Tabarak Investment had invested Dh500m ($136.13m) becoming company’s biggest investor. The company said in a statement: “The new project award reflects the long-term investment of Tabarak Investment in Drake & Scull International – moving ahead with its plans to support the company to achieve full operational recovery by completing existing projects, targeting new ones and looking for new opportunities to diversify and expand income.”
Drake & Scull International investor relations director Rabih Abou Diwan said: “The new Wahat Al Zaweya contract is a great start towards what we expect to be an invigorated fiscal year marked by steady recovery and further stability.
“DSI is now pursuing accelerated growth and sustained industry leadership through key projects such as this that showcase our unrivalled expertise and the market confidence we continue to enjoy.
“We expect more of such positive developments in the coming months from GTCC and across all our divisions.”
Tabarak Investment has said that there has been a notable improvement in the efficiency of operations under the leadership of DSI’s new management, which will support the latter’s financial performance during 2018.